Renaissance Technologies LLC Buys New Shares in Maplebear Inc. (NASDAQ:CART)

Renaissance Technologies LLC bought a new stake in Maplebear Inc. (NASDAQ:CART) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 709,900 shares of the company’s stock, valued at approximately $22,816,000. Renaissance Technologies LLC owned 0.27% of Maplebear as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Parallel Advisors LLC raised its holdings in shares of Maplebear by 139.3% during the fourth quarter. Parallel Advisors LLC now owns 1,065 shares of the company’s stock valued at $25,000 after purchasing an additional 620 shares during the period. Cantor Fitzgerald L. P. raised its holdings in shares of Maplebear by 389.5% during the fourth quarter. Cantor Fitzgerald L. P. now owns 1,850 shares of the company’s stock valued at $43,000 after purchasing an additional 2,489 shares during the period. nVerses Capital LLC raised its holdings in shares of Maplebear by 1,600.0% during the second quarter. nVerses Capital LLC now owns 1,700 shares of the company’s stock valued at $55,000 after purchasing an additional 1,600 shares during the period. Kapitalo Investimentos Ltda acquired a new position in shares of Maplebear during the fourth quarter valued at about $69,000. Finally, Amalgamated Bank acquired a new position in shares of Maplebear during the fourth quarter valued at about $94,000. Institutional investors and hedge funds own 63.09% of the company’s stock.

Analyst Ratings Changes

CART has been the topic of several research reports. Wolfe Research initiated coverage on shares of Maplebear in a report on Tuesday, July 16th. They set a “peer perform” rating on the stock. Wedbush boosted their target price on shares of Maplebear from $35.00 to $38.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Piper Sandler boosted their target price on shares of Maplebear from $47.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 7th. Citigroup boosted their target price on shares of Maplebear from $44.00 to $47.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, Macquarie boosted their target price on shares of Maplebear from $44.00 to $45.00 and gave the stock an “outperform” rating in a research report on Thursday, August 8th. Eleven analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat.com, Maplebear currently has a consensus rating of “Moderate Buy” and an average price target of $42.81.

Maplebear Stock Up 0.7 %

Shares of CART stock opened at $42.14 on Friday. Maplebear Inc. has a 52-week low of $22.13 and a 52-week high of $42.58. The company has a 50-day simple moving average of $34.75 and a two-hundred day simple moving average of $34.70.

Maplebear (NASDAQ:CART) last released its earnings results on Tuesday, August 6th. The company reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.13 by $0.07. Maplebear had a negative net margin of 52.21% and a negative return on equity of 49.98%. The firm had revenue of $823.00 million during the quarter, compared to the consensus estimate of $806.35 million. Maplebear’s quarterly revenue was up 14.9% compared to the same quarter last year. Equities research analysts predict that Maplebear Inc. will post 1.12 earnings per share for the current year.

Insider Activity

In other news, General Counsel Morgan Fong sold 10,992 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the completion of the transaction, the general counsel now directly owns 298,984 shares of the company’s stock, valued at approximately $12,371,957.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Fidji Simo sold 33,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $35.27, for a total transaction of $1,163,910.00. Following the sale, the chief executive officer now directly owns 1,844,778 shares in the company, valued at approximately $65,065,320.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Morgan Fong sold 10,992 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $41.38, for a total transaction of $454,848.96. Following the sale, the general counsel now owns 298,984 shares in the company, valued at $12,371,957.92. The disclosure for this sale can be found here. Insiders sold 73,669 shares of company stock valued at $2,682,769 in the last three months. Company insiders own 36.00% of the company’s stock.

Maplebear Profile

Maplebear Inc, doing business as Instacart, provides online grocery shopping services to households in North America. It sells and delivers grocery products. The company offers its services through a mobile application and website. It also provides software-as-a-service solutions to retailers. The company was incorporated in 2012 and is based in San Francisco, California.